NMLS EXAM Questions and Answers |Fall 2025/2026 Update |
100% Correct
Question 1
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must they be
maintained?
Correct Answer
Loan Applicant Register (LAR). 3 Years.
Question 2
What must a borrower receive at first contact, then yearly if they are a remaining customer?
Correct Answer
Private Policy Notice
Question 3
Federal National Mortgage Association (FNMA) is now known as what?
Correct Answer
Fannie Mae- the largest institutional buyer of conventional buyer of conventional mortgages in the secondary mortgage
market
Page 1 of 11
, Question 4
How long of a penalty is it for fraudulently obtaining personal information?
Correct Answer
5 years in prison and a fine
Question 5
How often are telemarketers and sellers required to search the registry?
Correct Answer
At least once every 31 days
Question 6
What right do customers have under the GLBA regarding their information?
Correct Answer
Right to opt out of having info shared with certain third parties
Question 7
A company can call a consumer after they submitted an application for up to how long?
Correct Answer
3 Months
Page 2 of 11
100% Correct
Question 1
What is the log of applicants that a creditor must keep and provide to the federal gov? How long must they be
maintained?
Correct Answer
Loan Applicant Register (LAR). 3 Years.
Question 2
What must a borrower receive at first contact, then yearly if they are a remaining customer?
Correct Answer
Private Policy Notice
Question 3
Federal National Mortgage Association (FNMA) is now known as what?
Correct Answer
Fannie Mae- the largest institutional buyer of conventional buyer of conventional mortgages in the secondary mortgage
market
Page 1 of 11
, Question 4
How long of a penalty is it for fraudulently obtaining personal information?
Correct Answer
5 years in prison and a fine
Question 5
How often are telemarketers and sellers required to search the registry?
Correct Answer
At least once every 31 days
Question 6
What right do customers have under the GLBA regarding their information?
Correct Answer
Right to opt out of having info shared with certain third parties
Question 7
A company can call a consumer after they submitted an application for up to how long?
Correct Answer
3 Months
Page 2 of 11
